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Elder Planning Isn't Just For The Elderly

medicaid planning Archives

Supplemental needs trusts and Medicaid planning

Planning for the future can seem overwhelming, as we don't know what the future will bring. As we have discussed previously on this blog, Medicaid can be a great resource for those who may find themselves in need of long-term care down the line. However, not everyone qualifies for this government program because of its income restrictions. Those who have too much income will be deemed disqualified. Although that may seem like a black-and-white restriction, there are legal steps that can be taken to lessen one's "countable" income so that he or she can be rendered qualified to receive Medicaid benefits.

What is Medicaid planning?

This blog has previously discussed the various ways one can plan for his or her potential long-term care needs. Long-term care insurance, for example, may be a piece of the puzzle, but it likely won't be enough, and the claims process can be especially challenging. Medicare could also help alleviate the financial strain, but even this government program has its limits. In addition to creating estate planning accounts devoted to long-term care needs, New Yorkers can also pursue Medicaid, which can provide a lot of financial relief during your time of need.

How to choose a nursing home

There is no escaping the fact that we and our loved ones will grow old. In many instances, this means that a loved one may eventually become unable to care for him or herself. When this happens, plans must be made with regard to one's long-term care. There are many options, including home health care, but many New Yorkers wind up turning to nursing homes. Although it may sound easy enough, choosing a nursing home can actually be a challenging endeavor. Yet, it is one of great importance and should not be taken lightly.

New health care cuts will likely affect Medicaid

Last week, most media attention was paid to former FBI Director James Comey and his public hearing in front of the Senate regarding the Russian probe. But also going on at the was a hearing with Tom Price, Health and Human Services Secretary as he discussed possible effects of President Donald Trump's American Health Care Act.

Staying on top of the complex nature of Medicaid

For many New York residents, the costs of living can get higher as they get older. When younger, it can often be the case that living expenses might only consist of apartment rent, heating, electricity, food and so on. But as New York residents get older, they may need to pay for myriad medical expenses, along with nursing home care or in-home care. For these people, oftentimes Medicaid assistance is available to help pay for the thousands of dollars that can result from these types of care.

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